Should I Buy A Short Sale?

March 19, 2011

Short Sale Guides

That is a good question to ask yourself when you are searching for a new home. You must consider all of your options in order to find the absolute best deal possible. If you come across a home that has a really low price there is a good chance it is a short sale.

Here are some tips to help you during the whole process.

  • Find an agent that deals in short sales. An experienced agent can help simplify the entire process and look out for your best interests. Keep in mind that these types of sales can take a long time to close and the right agent can get you there faster.
  • Don’t get overly excited about any short sale property. The process can take several months to complete sometimes and even then you may run into problems that may force you to dump the property and move on.
  • Buy title insurance. After you purchase title insurance the insurance company will do a comprehensive background check on the property. This is important because it will discover anything that may need to be brought to your attention. Back taxes, liens, and debts will all be discovered.
  • Not every short sale will be a bargain. Just because a property may be a short sale does not mean it will come with a great price. It’s possible the owner may have paid an inflated price originally and the current price may still be above current market value.

As you can see buying a short sale is a more difficult path to home ownership but if you find a great deal you should let your realtor know you are interested. Just remember that there is nothing ‘short’ about a short sale. Good luck in your home hunting!

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